Debt

The Importance Of Choosing The Correct Mortgage

When it comes to finding the mortgage that suits you, it’s important to understand a few things so that you pick the right one. A worry can be whether you’re going to get accepted in the first place, but once you know you are then there are many things to consider.

A building society or a bank may have various options for you to take a look through, but your needs might be better suited combined with a different part of the market. Remember, if you’re a growing family then you will have different needs to a retired couple. With a mini boom seen across the country’s real estate, it’s time to take a look for the best mortgage rates in Canada so that you can be part of the rising.

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March 13, 2012
Money Saving Tips

3 Easy Tips To Help You Start Saving Money

Saving money isn’t as difficult as you may believe. You aren’t required to become a social outcast, eat poor quality food or move to a desolate part of town in order to stash away a few of your hard-earned dollars. The following tips offer sensible tips for saving money without sacrificing your current quality of life.

1. Set aside a percentage of income.
Automatically transfer a percentage of your income to a high interest savings account. By doing so, you won’t miss the money that is coming out of your check each pay period as you haven’t grown accustomed to receiving that share of money each week.

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March 11, 2012
Money Saving Tips, Taxes

New Credits To Use On Your 2011 Tax Return

Children’s Art Credit: Enrolling children younger than 16 in artistic, cultural, recreational or development programs means parents can
claim up to $500 in registration or membership fees with the new Children’s Art Credit. This includes activities like scouting, painting, pottery and tutoring. It means about $75 in tax savings. And you can still claim the Children’s Fitness Credit for programs involving physical activity.

Examination fees: If you pay fees to take an examination that is required to obtain a professional status or to practice a profession or
trade, you can now claim them as tuition if the fees are more than $100.

Students studying abroad: Instead of having to study for 13 consecutive weeks outside of Canada, you can now study for only three
straight weeks and qualify for a tuition credit as well as the education and textbook tax credits.

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March 9, 2012
Taxes

2011 Tax Deadline Extended Past April 15

With employers required to provide their employees their W2and 1099 forms by January 31, Americans have more than three months to file those dreaded tax returns. But for the procrastinators among us, we have good news. The deadline has been changed for 2012, giving taxpayers three extra days to file.

Generally the filing deadline is April 15 of each year. But when the deadline falls on a weekend, it’s pushed to the following Monday. Another day is added when the deadline falls on a federal holiday.

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March 6, 2012
Debt

Household Debt Ceiling

Americans who want to maintain their standard of living should be careful not to follow the example of Uncle Sam by borrowing beyond their means to repay. But when you get to the point where you are prioritizing the bills, having to make choices about what to pay, you know that you are in real trouble.

It’s been some time since we’ve heard the constant barrage of news stories about the federal debt ceiling, a concept that is also an important line for households to draw. By establishing budget guidelines and a maximum amount of debt that can be responsibly managed (a debt ceiling), consumers can make great strides to becoming more financially secure.

Establishing a Ceiling
Before you can begin to plan a workable budget, you need to establish your personal debt ceiling, which is the maximum amount of debt you will allow. While it’s an arbitrary number, it’s a key to keeping debt under control with enough extra to put some away for a rainy day. Depending on how much you want to invest or save, decide on a maximum percentage of your total household income that you will be willing to use to pay for discretionary and non-discretionary expenditures. Keep in mind that a debt ceiling is not a static figure but changes whenever income raises or lowers.

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March 1, 2012